Jayant Sinha, Chairperson of the Parliamentary Standing Committee on Finance, has made a compelling call to action for India. In an exclusive interview with CNBC-TV18 on Tuesday, Sinha stressed the necessity of focusing on achieving net-zero emissions and accelerating the nation's efforts in this direction. He believes that this bold pursuit can revolutionise the environmental landscape by making green and decarbonisation technologies more cost-effective and competitive than traditional, polluting "brown" technologies.
He began by highlighting the profound impact of climate change on air pollution in Mumbai. Sinha stated that the city's air quality crisis is exacerbated by a combination of construction dust and the broader effects of climate change. "Climate change is having an impact, and that is pollution," he said. However, Sinha remains optimistic, highlighting that as India progresses towards net zero emissions, a positive transformation in air quality can be expected.
"We can make green technologies and decarbonization technologies more cost-effective and competitive than the traditional, polluting brown technologies," Sinha noted, underlining the importance of transitioning to cleaner alternatives.
Sinha also called for a substantial increase in climate finance to facilitate and expedite the decarbonisation process. He argued that providing adequate financial support would encourage individuals, industries, and the government to transition to sustainable and eco-friendly technologies more rapidly.
Jayant Sinha observed that climate change had already triggered unexpected growth in the renewable energy sector. According to him, projections anticipated a 6-7% annual growth rate, but the actual growth has exceeded expectations, reaching rates of ten to twelve percent. He commended this development as a positive sign that renewable energy is on the rise.
